Bank of America Begins Rollout of Chip Credit Cards to Consumers

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"We want our customers to have the best possible experience while making purchases with their credit cards anywhere in the world."

Bank of America today announced that it is rolling out chip technology
on many of its consumer credit
cards. The new chip technology will increase acceptance and security
of the cards for international travelers.

Credit cards with chip technology, which is also known as EMV
(EuroPayMastercard Visa), are embedded with a microprocessor chip that
encrypts and stores the account information. Many countries outside the
U.S. have already converted from magnetic stripe to EMV chip technology.

The bank’s new chip-enabled credit cards will continue to prompt
customers to sign for transactions just as they would today. The cards
also include the traditional magnetic stripe, which is used by U.S.
merchants.

“The new chip-enabled cards will improve convenience and security of
customers’ transactions when traveling abroad,” said Consumer and Small
Business Products Executive Susan Faulkner. “We want our customers to
have the best possible experience while making purchases with their
credit cards anywhere in the world.”

The bank will include the chip technology in all newly issued Merrill
Lynch credit cards, U.S. Trust Accolades, BankAmericard Travel Rewards,
BankAmericard Privileges, and Virgin Atlantic travel
credit cards. The bank also will upgrade existing customers in these
card programs who have been identified as international travelers.

In addition, the chip will be an optional feature that cardholders can
request for the following credit card programs: BankAmericard Cash
Rewards, BankAmericard Power Rewards, BankAmericard, AAA Members
Rewards, NEA, Asiana Airlines, Alaska Airlines, Hawaiian Airlines, Royal
Caribbean and Norwegian Cruise Lines.

Customers will be able to request the chip card options at the banking
center or via phone beginning this week and online later this year.

Earlier this year, the bank began rolling out chip and PIN credit cards
to corporate
and commercial clients in the U.S. This followed last year’s release
of chip and PIN cards to corporate and commercial clients in Europe.

Bank of AmericaBank of America is one of the world's largest
financial institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range of
banking, investing, asset management and other financial and risk
management products and services. The company provides unmatched
convenience in the United States, serving approximately 57 million
consumer and small business relationships with approximately 5,700
retail banking offices and approximately 17,250 ATMs and award-winning
online banking with 30 million active users. Bank of America is among
the world's leading wealth management companies and is a global leader
in corporate and investment banking and trading across a broad range of
asset classes, serving corporations, governments, institutions and
individuals around the world. Bank of America offers industry-leading
support to approximately 4 million small business owners through a suite
of innovative, easy-to-use online products and services. The company
serves clients through operations in more than 40 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.